Cross Research upgraded shares of SYNNEX (NYSE:SNX) from a hold rating to a buy rating in a research report report published on Friday morning, MarketBeat Ratings reports.
Several other equities analysts have also commented on the company. Zacks Investment Research lowered SYNNEX from a hold rating to a sell rating in a research report on Thursday, October 4th. SunTrust Banks lowered their price objective on SYNNEX to $100.00 and set a buy rating for the company in a research report on Thursday, October 4th. Stifel Nicolaus lowered their price objective on SYNNEX from $130.00 to $114.00 and set a buy rating for the company in a research report on Thursday, October 4th. Needham & Company LLC raised SYNNEX from a buy rating to a strong-buy rating and set a $135.00 price objective for the company in a research report on Thursday, October 4th. Finally, TheStreet lowered SYNNEX from a b- rating to a c+ rating in a research report on Friday, October 12th. One analyst has rated the stock with a sell rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $113.80.
Shares of SYNNEX stock opened at $97.48 on Friday. The company has a current ratio of 1.51, a quick ratio of 0.94 and a debt-to-equity ratio of 0.47. SYNNEX has a 52-week low of $71.82 and a 52-week high of $139.44. The company has a market capitalization of $4.36 billion, a PE ratio of 11.00 and a beta of 0.69.
SYNNEX (NYSE:SNX) last issued its earnings results on Thursday, January 10th. The business services provider reported $3.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.25 by $0.40. SYNNEX had a net margin of 1.41% and a return on equity of 17.16%. The firm had revenue of $5.62 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the business earned $2.79 earnings per share. The business’s revenue was up 5.8% on a year-over-year basis. As a group, analysts predict that SYNNEX will post 10.51 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 31st. Investors of record on Tuesday, January 22nd will be paid a dividend of $0.375 per share. The ex-dividend date of this dividend is Friday, January 18th. This is an increase from SYNNEX’s previous quarterly dividend of $0.35. This represents a $1.50 dividend on an annualized basis and a dividend yield of 1.54%. SYNNEX’s payout ratio is 15.80%.
In related news, major shareholder Star Developments Ltd Silver acquired 113,000 shares of the business’s stock in a transaction that occurred on Monday, October 22nd. The stock was bought at an average cost of $80.53 per share, for a total transaction of $9,099,890.00. Following the purchase, the insider now owns 5,125,080 shares in the company, valued at approximately $412,722,692.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Marshall Witt sold 600 shares of the business’s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $78.22, for a total value of $46,932.00. Following the transaction, the chief financial officer now owns 18,874 shares of the company’s stock, valued at $1,476,324.28. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 370,331 shares of company stock valued at $29,495,099 and have sold 4,609 shares valued at $361,156. Insiders own 3.20% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Seven Eight Capital LP increased its position in shares of SYNNEX by 9.8% during the 3rd quarter. Seven Eight Capital LP now owns 16,031 shares of the business services provider’s stock valued at $1,358,000 after purchasing an additional 1,431 shares during the last quarter. Meeder Asset Management Inc. increased its position in shares of SYNNEX by 199.0% during the 3rd quarter. Meeder Asset Management Inc. now owns 1,223 shares of the business services provider’s stock valued at $104,000 after purchasing an additional 814 shares during the last quarter. United Services Automobile Association increased its position in shares of SYNNEX by 41.0% during the 2nd quarter. United Services Automobile Association now owns 35,451 shares of the business services provider’s stock valued at $3,421,000 after purchasing an additional 10,300 shares during the last quarter. Bank of Montreal Can increased its position in shares of SYNNEX by 228.1% during the 3rd quarter. Bank of Montreal Can now owns 8,922 shares of the business services provider’s stock valued at $755,000 after purchasing an additional 6,203 shares during the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new position in shares of SYNNEX during the 2nd quarter valued at approximately $1,699,000. 57.75% of the stock is currently owned by institutional investors.
SYNNEX Company Profile
SYNNEX Corporation provides business process services in North and South America, the Asia-Pacific, Europe, and internationally. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center server and storage solutions; system components; software; networking/communications/security equipment; consumer electronics; and complementary products.
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